HMRC warns it's time to declare offshore assets

Taxpayers could face penalties if they fail to declare their income on foreign assets before Requirement to Correct legislation comes into force: https://www.gov.uk/government/news/hmrc-warns-its-time-to-declare-offshore-assets

Disguised remuneration (HMRC Guidance)– Aug 2018

Settling disguised remuneration tax avoidance schemes before the 2019 loan charge arises

HMRC have recently updated the payment terms for settling disguised remuneration avoidance schemes before the loan charge arises in 2019. Individuals with current year expected income of less than £50,000, who are no longer engaging in avoidance, can agree on an installment plan of up to 5 years without having to provide detailed supporting information when they settle with us before the loan charge. These terms are only available for settling disguised remuneration schemes ahead of the loan charge

Clients with higher incomes or those who need a longer period can still agree oninstallment plans but will need to provide more detailed supporting information.

For more information, HMRC has just published our latest Spotlight on Disguised remuneration: schemes affected by the loan charge.

You can still register your clients for settlement but you need to provide all of the information required by HMRC by 30 September 2018. Get in touch with your current HMRC contact or email us at:

Details taken from HMRC Agent Update 67 LINK

By |2018-09-11T05:42:33+00:00September 3rd, 2018|Employer Tax, Tax|

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